Recent progress in the field of health psychology and positive psychology has evidenced an increasing number of studies examining the relationship between positive emotions and health. This review brought together studies that have examined how positive emotions are related with health status. Health is defined in terms of three aspects: physical health, mental health, and social adaptation. Existing findings consistently support the notion that positive emotions are positively related with these three aspects of health. First, positive emotions can decrease the risking rate of infectious diseases, enhance recovery from various diseases and decrease mortality. Second, positive emotions trigger adaptive appraisal of negative life events, and help individuals buffer against stressful situations; consequently positive emotions can prevent or relief individuals from experiencing psychological disorders, such as depression. Last but not least, there is a bidirectional relationship between higher levels of positive emotions and higher levels of social connections and social support. It has been suggested that positive emotions achieve these desirable outcomes because they help individuals build lasting resources and increase individuals’ flexibility when dealing with various challenges. Consequently, individuals with more positive emotions become more adaptive in stressful encounters. Two models, the Main (Direct) Effect Model and the Stress-Buffering Model, have been proposed to explain both the direct and indirect effects of positive emotions on individuals’ well-being. The Main Effect Model suggests that positive emotions have direct impact on endogenous opioids, automatic nervous system and HPA, social connection and health practice, which in turn influence individuals’ immune system and cardiovascular activity. As a result, differences in levels positive emotions lead to differences in individuals’ health status. The Stress-Buffering Model is built upon the Main Effect Model. The major distinct between these two models is that the Stress-Buffering Model takes into account when do positive emotions influence health status, and it emphasizes the role of stress in the relationship between positive emotions and health. Future studies are needed to address both theoretical and methodological issues that have not been fully answered by existing studies. First, future studies may implement more ecologically valid and rigorous methods (e.g., EMA) to generate more convincing findings; second, the strengths of positive emotions and its relation with individuals’ well-being need to be considered; third, the two existing models may be improved by considering social and psychological factors as mediators between positive emotions and well-being.